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    Contract

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    Diane Gunnarsen
    A contract is a legally binding agreement between two or more parties to perform acts or provide goods/services. For a contract to be valid it requires elements like offer, acceptance, consideration, and intention to create legal relations. Contracts can be classified as bilateral, unilateral, express, implied, executed, or executory. A contract must be lawful, entered into voluntarily, and intend to create legal obligations.

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    © All Rights Reserved
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    Contract

    Uploaded by

    Diane Gunnarsen
    4 views1 page
    A contract is a legally binding agreement between two or more parties to perform acts or provide goods/services. For a contract to be valid it requires elements like offer, acceptance, consideration, and intention to create legal relations. Contracts can be classified as bilateral, unilateral, express, implied, executed, or executory. A contract must be lawful, entered into voluntarily, and intend to create legal obligations.

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    A contract is a legally binding agreement between two or more parties to perform acts or provide goods/services. For a contract to be valid it requires elements like offer, acceptance, consideration, and intention to create legal relations. Contracts can be classified as bilateral, unilateral, express, implied, executed, or executory. A contract must be lawful, entered into voluntarily, and intend to create legal obligations.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    4 views1 page

    Contract

    Uploaded by

    Diane Gunnarsen
    A contract is a legally binding agreement between two or more parties to perform acts or provide goods/services. For a contract to be valid it requires elements like offer, acceptance, consideration, and intention to create legal relations. Contracts can be classified as bilateral, unilateral, express, implied, executed, or executory. A contract must be lawful, entered into voluntarily, and intend to create legal obligations.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    1. What is a contract?

    A contract is a legally recognized agreement between two or more parties, where


    each party agrees to perform certain acts or provide specific goods or services. Contracts are enforceable
    by law, and they form the basis of many daily transactions, ranging from simple purchases to complex
    business deals.

    2. What are the elements of a valid contract?

    Offer: One party must make a clear proposal. Acceptance: The other party must agree to the terms of
    the offer. Consideration: Something of value must be exchanged between the parties. Intention to Create
    Legal Relations: The parties must intend for the contract to be legally binding. Capacity: Each party must have
    the legal capacity to enter into the contract. Legality of Purpose: The purpose of the contract must be legal.
    Certainty and Possibility of Performance: Terms and conditions must be clear, and performance must be
    possible.

    3. What are the different classifications of contracts?

    Bilateral and Unilateral Contracts: In bilateral contracts, both parties make promises, while in
    unilateral contracts, only one party makes a promise. Express and Implied Contracts: Express contracts have
    explicitly stated terms, while implied contracts are formed through the parties' actions. Executed and
    Executory Contracts: Executed contracts are fully performed, while executory contracts have tasks yet to be
    completed. Valid, Void, Voidable, and Unenforceable Contracts: Contracts can be categorized based on their
    legal status.

    4. What are the fundamental characteristics of a contract?

    Legality: Contracts must be lawful. Voluntary Agreement: Parties enter into contracts willingly.
    Intention to Create Legal Relations: The parties must intend to be bound by the terms. Capacity: Each party
    must be mentally competent and of legal age. Possibility of Performance: The terms of the contract must be
    feasible.

    5. What are the limitations to a person's freedom to contract?

    Legal Restrictions: Contracts involving illegal activities or violating public policy are unenforceable.
    Contractual Capacity: Minors or mentally incapacitated individuals may lack the legal capacity to enter into
    contracts.

    6. Explain the following principles:

    Principle of Autonomy of Contracts: Parties have the freedom to decide the terms, conditions, and
    obligations within the bounds of the law. Principle of Mutuality of Contracts: Both parties must be bound by
    mutual promises, ensuring fairness. Principle of Relativity of Contracts: Contracts only create obligations for
    the parties involved.

    7. What is a stipulation pour autrui? What are its requisites? Stipulation pour autrui allows a third party to
    benefit from a contract. Requisites include clear intention by the contracting parties to confer a benefit on
    the third party and the third party's awareness and acceptance of the benefit.

    8. When is a contract perfected? A contract is perfected when there is a meeting of the minds on all
    essential elements, and the parties express their intention to be legally bound. This often occurs when an
    offer is accepted.

    9. Can a person enter into a contract in the name of another? What are the requisites? Yes, through
    agency. Requisites include the agent having authority, the principal's manifestation of consent, and the
    agent acting within the scope of that authority.

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